Paragraph 20 C1F1

Paragraph 49 is modified so as to read as follows—

“49.

(1)

The administrator of a partnership shall make a statement setting out proposals for achieving the purpose of administration.

(2)

A statement under sub-paragraph (1) must, in particular—

(a)

deal with such matters as may be prescribed, and

(b)

where applicable, explain why the administrator thinks that the objective mentioned in paragraph 3(1)(a) or (b) cannot be achieved.

(3)

Proposals under this paragraph may include a proposal for a voluntary arrangement under Part I of this Act (although this paragraph is without prejudice to section 4(3)).

(4)

The administrator shall send a copy of the statement of his proposals—

(a)

to the court,

(b)

to every creditor of the partnership F2, other than an opted-out creditor, of whose claim and address he is aware, and

(c)

to every member of the partnership of whose address he is aware.

(5)

The administrator shall comply with sub-paragraph (4)—

(a)

as soon as is reasonably practicable after the partnership enters administration, and

(b)

in any event, before the end of the period of eight weeks beginning with the day on which the partnership enters administration.

(6)

The administrator shall be taken to comply with sub-paragraph (4)(c) if he publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the partnership who applies in writing to a specified address.

(7)

An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (5).

(8)

A period specified in this paragraph may be varied in accordance with paragraph 107.”.